Interpublic Group CEO Michael Roth predicts “the second half of ’10 will be better than the first,” however he cautioned an audience at the 37th annual Global Media and Communications Conference sponsored by UBS today that a recovery won’t bring back all of the 5,500 jobs IPG shed over the past year.

“We believe as the recovery comes we don’t have to add huge amounts of people” he said, while adding, “we will recruit if needed.” Roth did say that things are improving, although he is being cautious. Interpublic PR holdings include Golin Harris, MWW Group and Weber Shandwick.